As Kallis says some finance companies will pull the plug, but most are OK.
Even more of a stress was my creditors meeting was last week and I had a phone call to say that the creditors would accept if I downgrade my car within 3 months as maximum amount they allow a month for car finance is £250 I pay £276. If this was unable to be done in the timescale I would need evidence of this and 12 months would be added onto my iva. I phoned my finance company straight away and asked they said this can not be done on this agreement as it is fixed and provided me evidence to give to my iva company it was a lot of stress and I was very worried.
I would phone a iva company and your car finance to see where you stand first.
Is an IVA the best option for you?
If so then
a) The cost you pay for the car might be challenged by creditors as part of your I&E review
b) Even if the payments are considered reasonable the HP Company may still terminate the agreement and repossess the car
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